Mon, Sep 26th - 10:31PM

What to Look For in a Pre-Owned Car?

Everyone wants to buy their own car. Congestion in public transport system and complete freedom with a personal car are the reasons why we absolutely need cars.

For buying a car, you need to have sufficient resources. Don't worry if you aren't born with a silver spoon, you can still own a car. There are several lending companies who will give you an auto loan.

There is no harm in going for used cars / pre-owned cars, if you do a thorough research. They are easily available with car dealers, leasing companies, auctioneers and private parties. You can get a plethora of information about pre-owned cars from classifieds in newspapers or you can also use the web.

Are you apprehensive of buying a pre-owned car? Are you worried whether the car was involved in a severe accident or not? Do you doubt that it was flooded?

Don't worry about all these things. There are several sites that offer appraisals for used cars. You can know the complete history of a car with the help of Vehicle History Report. You will get to know about the car's title records, car insurance, salvage records and accident history. Make sure that the vehicle has a clean title and no bank loan on it.

You should also confirm the Vehicle Identification Number (VIN) to know about the year, model and odometer records.

If you are still not sure about a pre-owned car, then you should buy a CPO (Certified Pre-Owned) car. Manufacturers certify that the car has passed all the essential inspection and also provide an extended warranty. This means you get a used car which is almost new and that too for a lesser price.

But be wary of dealers who issue their own brands of certification. When compared to manufacturer/factory certification, they seem to be a charade. This is so because you will be charged higher for the certification and there won't be much significant difference than a non-certified car.

When the dealer offers you a price, you must compare it with the market value. You can use the Kelly Blue Book value. The company is a pioneer in providing authentic information about car pricing and information. This will ensure that you are not paying more than its real value.

CRITERIA

When you decide to avail auto loans, your lending company will want you to fulfill certain criteria. So when you choose a car, make sure it does fulfill them.

Three to five years old cars are excellent when it comes to car loans. Your car shouldn't be older than 8 years. If it's older than that, there is no point in buying a car that goes the way of dinosaurs.

Your car shouldn't be driven for more than 65,000 miles. The lenders set a limit to determine whether the car is too old or not. Generally, a car more than 65,000 miles means the car is used for more time and its value has also depreciated.

Few lenders would also want you to have a stable job and a constant place of residence. You should be going for the same job for approximately 2 years. The same is required for your residence. Your income is also considered when you buy an auto loan.

Your credit score is also important as it shows your credit history and details about your debts and payments. A credit score less than 540 indicates that you will be paying higher interest rates.

Purchasing a car is an important decision. So, it is necessary that you accurately decide on the car and the lender. You can make use of the internet to search for lending companies. Do compare car loan quotes and select someone who offers you comfortable loan terms.

Hope you soon get a car of your own. All the best!

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Mon, Sep 26th - 10:29PM

In the fast lanes of life, no one can imagine living without their cars. You can easily drive your dream car if you lease it.

Your leasing company will also give you the option of buying the leased car. There are two kinds of car lease buyouts or payoffs:

1) Lease-end buyout (at end of lease period)

2) Early buyout (during the lease period)

Buying your leased car is always better than buying a used car from a dealer who is an absolute stranger to you. You know the car's history and if you have been maintaining it properly, then it is advantageous to you.

Also if you have surpassed the mileage restrictions and don't want to pay the exorbitant additional fees, buyout will be very useful.

For buying the car, you will need to avail an auto loan. But before that, it is essential that you consider few things. Prevention is better than cure, isn't it?

Read the document carefully

You need to be cautious while dealing in any financial matter. If your company doesn't allow an early buyout, it is not wise to go for it. The reason is that you will have to pay heavy penalties or extremely expensive termination fees. So, do read the lease agreement carefully.

The condition of the car

While going for lease buyout, carefully check the condition of the leased car.

If you have been maintaining it well, then you need not worry about it. But if the leased car has depreciated a lot, there is no point in buying it.

Understand the Purchase option price/Residual value

Your lease agreement will have a "Purchase Option Price" which is set by the leasing company. This is the price that you will have to pay if you decide to buy the leased car.

The price is set taking into account the value of the car at the end of the lease period and an additional purchasing fee.

Don't forget to see how your leasing company manages your payments. Few companies consider initial payments on the car as interest payments instead of payments on the principle. So, you may owe much more than the residual value.

Compare the residual value with the market value

You will be at the benefit only when the market value will be higher than the residual value of the car. You can determine the market value with the help of Kelly Blue Book or any other website that provides authentic data. If the car is valued lower than the residual value, then it will be better to end your lease and search for another car.

Negotiate for the price

Not everyone knows that the price is negotiable. The leasing company is also at the benefit with the buyout.

The company will gain from the buyout as it won't have to sell the car in an auction at a very lower price. It also buys the Residual Insurance which will pay for any difference between the price of the car and the residual value. So don't forget to make a good deal with the company as it not going to suffer in any way.

The loan process is not much different. Lenders will take a look at your credit score and decide the interest rates at which you will receive the loan from them.

Now you are at benefit if you have a great credit score, but you can find a lender even with a bad credit history. In that scenario, you will have to go to someone who specializes in bad credit car loans along with lease-buyout loans.

Lease buyout loans are very easy to get. So if the lease period is ending and you really like the car, go for lease buyout. Avail easy car loans and drive your very own car.

Sat, Sep 3rd - 4:16AM

Criteria to Consider Before Availing Self-Employed Auto Loans

Well, let me first congratulate you. In an economy plagued by unemployment and debt, it takes great courage to venture out on your own. A self-employed individual not only earns for himself but also provides the same opportunity to others.

"Everything in life is somewhere else, and you get there in a car" - Mr. E. B. White

We all have to agree that a car is no longer a means of comfort or luxury. It has become a need for us. But buying a car has become very expensive. A FINANCED car is the only reality now.

So before you search for car loans, you should be aware of the two types of loans offered:

1) Secured Auto Loans

When a lender provides you with a secured loan, you will have to pledge your assets as collateral. Your home, car, stock, bonds, etc. can be pledged against the loan.

2) Unsecured Auto Loans

An unsecured loan is obtained without any collateral. Hence, you will be charged with higher interest rates. When you avail an unsecured loan, you will have to prove your earning capacity. This will ensure the lender of regular payments in future.

A W-2 employee can prove his earning capacity by showing his pay check. But, you are self-employed and you obviously don't write pay checks to yourself. So, it becomes a bit difficult to prove that you get a steady income every month.

As you are self-employed, you will have to fill the following forms:

>> Form 1040 (U.S. Individual Income Tax Return)

>> Schedule C (Profit or Loss from Business)

>> Schedule SE (Self-Employment Tax)

You can solve the problem with the help of these tax forms. You should provide at least three years' record of your tax returns. This will assure the lender of your REGULAR income.

Many self-employed individuals write off their profits to reduce the tax burden. But make sure that YOU show the actual profit. A robust profit will ensure the lender of your stability and therefore you will have to pay lesser interest.

Bank Statements

You will have to show your monthly bank statements. Few lenders may want to see your personal accounts and also want to verify your personal assets.

Your Residential Proof

A constant place of residence means you are able to pay your rent and other utilities on time. This shows your stability and instills greater confidence in you.

And so, the lender will require a copy of your recent Mortgage Statement and Utility Bill.

Credit Rating

Even if you are self-employed, your credit rating matters. Your credit score will show your credit worthiness to the lender. If you have a better score (generally 600 and above), then you have a greater chance of getting your car loan approved.

Recommendation From Your Clients

Lenders want to ensure the stability of your business. So they might ask for recommendation letters from your clients. If your client writes it on his Company letterhead, it will prove to have more impact.

These are the major things that your lender will ask from you. The requirements may vary depending on the type of loan you are availing. Unsecured car loans will apparently have more criteria than the secured loans.

If you are a self-employed individual with a good credit score, availing loans won't be difficult for you. You just need to have accurate financial records and soon you will be driving your very OWN car.

There's time enough, but none to spare.

So don't wait. Go online and search for a lender who will value your credentials and give you a loan instantly.

Searching for old or new car, we have everything for you. RapidCarLoans.net is an auto financing company that provides car loans to everyone. Extensive network of lenders will provide you auto loans at low rates.

Sat, Sep 3rd - 4:08AM

Every man wonders if he has created a distinct place for himself in this world. But the military personnel shouldn't think of it. You all have already made a difference.

Freedom isn't free. Our nation will remain free as long as we have heroic people like you. The entire nation applauds your efforts and courage. You stay out of homes so that we can be safe in our homes.

While you are away, you want to fulfill all the needs of your family. A car is one of them. With growing distance between work and home, a car has become indispensable in every household. It is an expensive necessity. So, an auto loan has become essential these days.

Don't worry about higher interest rates, high processing time and complicated loan terms. You can easily buy your car with the help of military auto loans. You will get several benefits with it.

Lower Interest Rates and Charges

These loans are often available at lower interest. The reason is your job and income stability. The lender is assured of regular future payments and so has greater faith in you. This translates into more benefits which are as follows:

The lender won't ask for any collateral so you don't have to worry about pledging your assets. You get a loan without any burden.

Does Not Require U.S. Domicile

Typical auto loans will require you to have a permanent place of residence. This is just impossible for you. But with military auto loans, you can get finance regardless of your deployment location.

No Pre-Payment Penalty

Lenders won't mind if you decide to pay off your loan early and hence, won't penalize you for the same. But, it is essential that you check the pre-payment penalty clause before taking any steps. Better to be safe than sorry, isn't it?

The qualifying credit score is lower than the usual credit score requirement for civilians. Lenders do understand that your life-style and needs are different than other people. It is absolutely unjust to judge you on the same platform. And so your credit score is of less importance. Your income stability also plays an important part here.

Flexible options

Missing a payment is an absolute sin.

But you are in military and overseas deployment is a reality for you. It will obviously become difficult to make payments during that time. In this scenario, the lenders will offer you to postpone the payment. You can delay it even when you are in some financial difficulty. This flexibility is not available to others.

You also have the option of giving the Power of Attorney to someone trustworthy. By doing so, he/she can take decisions on your behalf and also make your loan payments.

After knowing all the benefits, you must be eager to know the criteria for availing military auto loans.

CRITERIA

Active Duty Military Personnel

To avail the auto loan, you should be actively serving in the military. You can get loan even if you have recently joined the Armed Forces.

The lender may ask for your latest Leave and Earnings Statement which has all the monthly details of your pay and leave status.

Don't fret if you are a veteran, you can avail a loan under Veteran Military Loans at lower rates.

Contact details

You will have to provide your contact details. Do remember to inform the lender of your current deployment and ensure that he is aware of change in location, if any.

Your credit score will determine you credit worthiness. The lenders will pull out your credit score to ensure that you have a good credit. You will be able to avail loan even if you have a low score.

There are few lenders who offer No Credit Check Military Auto Loans. This is particularly useful when you have a bad credit score.

How can you pay for the loan?

You have several options of making payments. A few are listed below:

>> Direct Military allotment so that your regular payment is done without any disruption

>> Credit card or checks

>> Cash

The requirements for military auto loans are quite few. They are very easy to obtain.

And now with the advent of internet, it has become easier. Several companies will provide you easy car loans just at the click of a button. So do a thorough research of these companies and don't forget to compare the quotes provided by them.

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